Caesers is getting mauled after warning of a slowdown in Las Vegas (CZR)

Akin Oyedele

Aug. 1, 2018, 01:24 PM

Flickr/skinnylawyer

Shares of Caesars Entertainment fell as much as 23% on Wednesday after the company forecast a slowdown in revenues from Las Vegas. They are currently down more than 13%.

Revenue per available room at Las Vegas properties is expected to be flat to 2% higher in the third quarter, chief financial officer Eric Hession said during the second-quarter earnings call according to Bloomberg. That would be a slowdown from 3.5% growth in the most recent quarter.

Trading of Caesar's shares was halted three times because of the volatility of the move.